Covington Development News

Coington Council Reviews Q1 2026 Financial Reports

The Coington City Council received a report on the first quarter financial results for 2026. Key highlights included property taxes collected, REIT funds at 35.4% of budget with 10 new home sales and 52 existing home sales, and retail sales tax collections at 26.6% of budget. Construction sales tax was up 25.8% year-over-year. The street fund is at 26.7% of budget with $1.3 million accumulated for pavement preservation. Utility taxes are at 28.3% of budget, with cable and telephone collections declining. Business and Occupation (B&O) tax collections are at 38.3% of budget, with a strong likelihood of exceeding the $2 million budget again this year. 28 refunds totaling over $5,100 were issued to businesses under the $250,000 threshold. General fund operating revenues are at 24.6% of budget, with expenditures at 18.6%. Street fund revenues are at 26%, expenditures at 19.9%. Swim fund revenues are at 5.5%, expenditures at 12.4%. Development services fund revenues are exceeding estimates at 34.4%. Aquatics and recreation/cultural arts revenues are at 20.8% and 18.3% respectively. Cash and investments total $49.5 million, an increase of $6.7 million from last year, primarily in the general and CIP funds. Capital investment program collected $220,000 in traffic mitigation fees and $575,000 in park impact fees. The CPI is at 4.5% year-over-year, and unemployment in King County is 4.9%. State and county revenue projections are down, but Coington typically outperforms them.